Flexpoint Ford, a Chicago-based private equity investment firm with $2.3bn under management specializing in privately negotiated investments in the financial services and healthcare industries, has backed Veling, a niche aircraft leasing company with offices in Mauritius and London.

The partnership will provide Veling with equity capital to support the purchase and leaseback of over $1bn of commercial aircraft to high-quality airlines over the next two years.

“We are delighted to partner with the Veling team,” said Steven L. Begleiter, Managing Director of Flexpoint Ford.

“We have been highly impressed by their approach to this growing segment of the aircraft leasing market and believe their niche strategy and ability to scale positions them well for continued, long-term success,” he said.

Founded in 2002 by Uday Nayak and Nirvan Veerasamy, Veling specializes in aircraft leasing, remarketing, structured finance and asset management.

Veling has an extensive track record of providing airline partners with compelling financing for leased commercial aircraft.

“We are very pleased and excited to partner with the exceptional team at Flexpoint Ford and we are confident that their experience and resources will enable us to close a number of meaningful transactions with major global airlines and grow our portfolio of aircraft under management,” said Uday Nayak and Nirvan Veerasamy, in a joint statement.

“The opportunity to partner with a successful private equity firm such as Flexpoint Ford is a testament to the entire Veling team and the value proposition of our business model which has brought Veling to where it is today,” they said.

“This transaction also builds on our existing relationship with Berenson & Company, a leading independent merchant-banking firm based in New York and our exclusive financial and strategic advisor, who will also provide equity capital alongside Flexpoint Ford and Veling.”

Mohammed M. Ansari, Managing Director of Berenson & Company and a Board member of Veling, added: “We have long believed in the potential for Veling’s investment strategy and welcome the opportunity to act on this conviction by deploying our firm’s capital through this compelling new partnership.”